Powered by Pellegrini – Under the guidance of former Real Madrid coach Manuel Pellegrini, players such as Santiago Cazorla and Dutch defender Joris Mathijsen helped Malaga finish fourth and qualify for the Champions League for the first time. However, Pellegrini was reportedly not paid for several months this year, while sporting director Fernando Hierro quit in May.

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Malaga's financial meltdown5 photos

Cashing in on Cazorla – As Malaga began cutting costs, the big-name players left the club. Cazorla was transferred to English team Arsenal, while Mathijsen returned to his native Netherlands with Feyenoord.

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Malaga's financial meltdown5 photos

Fan fury – Malaga's fans have been left in the dark where Al Thani and the club's future is concerned. Some supporters accused journalists of attempting to destabilize the team with stories of wages not being paid.

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Malaga's financial meltdown5 photos

The kids are alright – Malaga earned a 1-0 win over newly-promoted Celta Vigo on the Spanish season's opening weekend, but Pellegrini's team needed a goal from 16-year-old substitute Fabrice Olinga to secure victory.

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Story highlights

Malaga banned from UEFA competitions for financial irregularities

La Liga side into last 16 of this season's Champions League competition

One season ban would take effect in any of four seasons from 2013/14

First leading club to fall foul of FFP rules imposed by European governing body

Champions League contenders Malaga have been handed a season long ban from UEFA club competitions after falling foul of the European governing body's Financial Fair Play (FFP) rules.

The La Liga side will be allowed to continue in this season's Champions League, where they have reached the last 16 stage, but any ban would come into place over any of the next four seasons should they qualify to play in Europe.

Malaga are the first high-profile club to be punished under new tougher FFP rules with UEFA's Financial Control Body (CFCB) making their ruling after a hearing Friday in Nyon, Switzerland.

Malaga owe player wages and have debts with other football sides as well as the Spanish tax authorities, claim UEFA.

The CFCB has given the club until March 31 next year to settle the debts and will impose a further one season ban from UEFA competitions, the Champions League or Europa League, if they fail to do so.

It went on: "The measures taken against the club are absolutely disproportionate and unjustified given the club's situation. We consider that the club is being punished unfairly and used as a scapegoat and example to others.

"Malaga CF wishes to state that it will work energetically and without rest to achieve justice, using all available necessary means."

The club, who are currently fourth in La Liga, a spot which would see them qualify for a European place next season, can appeal to the Court of Arbitration in Sport in an attempt to overturn the decision.

Since coming under the ownership of Sheikh Abdullah Bin Nasser Al-Thani, a member of the Qatar ruling family, Malaga have spent heavily on new players.

Five other clubs face one-year European bans, valid for three seasons, if they do not settle their debts by March 31.

Croatian sides Hajduk Split and Osijek; Romania's Dinamo Bucharest and Rapid Bucharest; and Partizan Belgrade of Serbia, were all handed the punishment.

Serbian's Vojvodina and Ukraine's Arsenal Kyiv received fines while the case against Polish side Lech Poznan was dropped.

This season is the first since UEFA's FFP rules were introduced and they will come more fully into force in 2014. They give the ruling body sweeping powers, including exclusion from the lucrative Champions League.

They are designed to prevent big spending clubs spending beyond their means and posting unsustainable yearly losses.